* New CME cocoa contract sees 28 lots early
* New ICE cocoa contract trades for first time on day two
By David Brough
LONDON, March 31 (Reuters) - Raw sugar on ICE fell to the lowest level in more than six years on Tuesday, on speculative selling, while cocoa traded around seven-week lows, weighed by favourable weather before the start of West African mid crops.
Activity in the second day of trading of two new euro-based cocoa contracts was again quiet.
Arabica coffee futures steadied, pressured by a stronger dollar against a basket of currencies, consolidating after a four percent fall on chart-based pressure in the prior session.
Raw sugar futures on ICE remained below 12 cents and fell to 11.91 cents a lb in early trading, the lowest level since January 2009, and later gained a little ground to trade flat at 11.99 cents a lb.
“It’s speculator selling. The specs have got the market on the run,” a senior trader said.
He said that prices were too low to entice offers of Indian raw sugar exports on the market.
May white sugar traded up $0.80, or 0.2 percent, at $358.30 a tonne.
Cocoa dealers said favourable weather in West African growing regions augured well for mid crops, weighing on prices.
New York May cocoa was down $1, or 0.04 percent, at $2,694 a tonne in volume of 3,451 lots.
London May cocoa was down 7 pounds, or 0.4 percent, at 1,896 pounds a tonne in volume of 1,794 lots.
In the new CME and ICE euro-based cocoa contracts, which launched on Monday, trade of the first 15 lots opened in the ICE contract <0#ECC:> on Tuesday after zero trades the previous day.
In the new CME contract <0#1CCP:>, 28 lots traded on Tuesday, after trading volumes of 240 lots on Monday.
“So far it’s 1-0 to the CME, but there is a long way to go,” one London-based cocoa futures dealer said.
“CME has to maintain that (Monday‘s) volume. It’s struggling already.”
May arabica was up 0.2 cents, or 0.15 percent, at $1.3255 per lb.
May robusta coffee traded down $12, or 0.7 percent, at $1,710 a tonne. (Editing by William Hardy)